World Income Shares and the Terms of Trade: A North-South Growth Cycle

Lynn Mainwaring

Bulletin of Economic Research, 1989, vol. 41, issue 3, 185-96

Abstract: The trading relationship between a primary-producing South and a manufacturing North has dynamic properties of conflict and symbiosis similar to those of the closed-economy, worker-capitalist relationship. In a simple model, these dynamics may lead to cyclical behavior involving two variables--the southern share of world income and the rate of exploitation of primary producing capacity. The rate of change of the terms of trade is also cyclical. Long-run income shares are constant, however, implying that the southern terms of trade rise by just enough to offset productivity savings on primary inputs. Copyright 1989 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Date: 1989
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